Spain's Bankia: Depositors have nothing to fear

MADRID (MarketWatch) -- Spanish lender Bankia SA
BKIA, -0.83%
said depositors have "nothing to fear," in a statement issued Thursday in reponse to a report in El Mundo that customers have withdrawn 1 billion euros ($1.3 billion). Shares tumbled 11% on Thursday, weighing on the banking sector in Spain and dragging the IBEX 35 index
IBEX, -0.64%
down 1% to 6,537.68. The new president of the group, José Ignacio Goirigolzarri, said in a statement released by the exchange regulator that Bankia depositors can be "absolutely relaxed about the security of their savings that they've entrusted to Bankia." The bank said that it does expect substantial changes in deposit levels in coming days. Spanish Deputy Finance Minister Fernando Jimenez Latorre denied that any run on funds was taking place, according to media reports.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.